AGREEMENT TO SELL REAL ESTATE
This is a legally binding contract entered into this day ______, 20______.
RECEIPT IS HEREBY ACKNOWLEDGED OF THE SUM OF:______($______) from ______(Buyer) as a Non-Refundable earnest money deposit (cashiers check or wire to Escrow Company) on account of the purchase price of the following described property upon the terms and conditions as stated herein. Earnest Money Deposit to be verified as received by______by 10:00 AM on the first business day following acceptance of this contract.
DESCRIPTION OF PROPERTY: That lot, piece, or parcel of land situated in
______County, State of ______Address______
City ______State ______
Zip ______
Legal Description:______
______
PURCHASE PRICE of ______($______)
TERMS AND CONDITIONS OF SALE:
Property is being sold "As Is." This transaction is not contingent on Buyer obtaining financing.
The Escrow Company for this transaction shallbe: ______
Closing Date: This transaction shall be closed, the balance of the monies due shall be paid, and all documents signed by the parties hereto on or before 7 days after escrow has been opened. The earnest money deposit is to beheld by the escrow company pending closing. It is expressly agreed that upon the event of any default or failure onthe part of the Buyer to comply with the terms and conditions of this contract that said deposit is to be paid toSeller as liquidated damages.
Buyer cannot advertise or promote the property prior to close. Possession of said premises will be given topurchaser at the time of closing.
This contract is not assignable.
Taxes, rent and rent securities (if applicable) shall be prorated at the time of closing and paid by the Seller. IfSeller has the Property in escrow but has not yet closed on it, the parties agree that they will do an assignment ofSeller's contract with the current owner, at Seller's request, so that the Buyer's total purchase price remains thesame after the assignment fee is considered.
Seller agrees to deliver premises at time of closing in an "as-is" condition. In case the property is destroyed,wholly or partially, by fire or other casualty prior to closing, Buyer or Seller shallhave option for seven (7) daysthereafter of proceeding or terminating agreement.
Said property is being sold and purchased subject to zoning ordinances and regulations; buildingrestrictions; and conditions, restrictions and easements of Public Record.
There is no financing contingency. This opportunity is for 'cash' buyers only. If using a hard money lender or anIRA, proof of funds from Buyer is required prior to acceptance of this contract.
Buyer waives right to record a lispendens against the property or to record the agreement or memorandum thereof in the real property records. Buyer waives right to invoke any other equitable remedy that may be available that, ifinvoked, would prevent the Seller from conveying the property to a third-party buyer.
The contract is subject to the Seller being able to obtain marketable title. Buyer agrees to notify Seller in writingof any defects in title as soon as reasonably possible and if title proves to be not good and marketable/insurable bythe escrow company, then Seller shall be given a reasonable opportunity to remedy the title, and if Seller is unableto do so, then this transaction shall be canceled and Buyer shall be entitled to a full refund of its earnest money.Buyer expressly waives the remedy of specific performance in the event seller is unable to convey title.
Seller reserves the right to continue to offer Property for sale until this offer has been formally accepted in writing,earnest money has been deposited by Buyer, and all contingencies removed in writing.
Inspection examinations, certifications, appraisals, research, closings, repair estimates, repairs, or other services may be performed by vendors or contractors selected or recommended by Seller, or by Seller itself, as aconvenience to the parties. Buyer agrees to hold harmless the Sellers as to the performance or nonperformance andcosts of such vendors or contractors and is using such vendor or information obtained by such vendors at their ownrisk.
It is agreed that time is of the essence with respect to all dates specified in the Agreement and any addenda, riders, or amendments thereto. This means that all deadlines are intended to be strict and absolute. If the closing does notoccur by the Closing Date, the Agreement is automatically terminated and the Seller shall retain any earnestmoney deposit as liquidated damages.
In the event Buyer requests an extension of the Closing Date or of the deadline for the fulfillment of any contingency, and the Seller agrees to the extension, the Buyer agrees to pay to the Seller a per diem penalty of thegreater of $50.00 or 1/10 of 1% of the purchase price per calendar day towards Seller’s carrying costs, through andincluding the Closing Date specified in the written extension agreement. The per diem amount must be depositedwith the Seller at the time any request for extension is made.
This contract shall be binding on both parties, their principals, heirs, personal representatives, or assigns. It isagreed that the listing broker in this transaction, if any, is ___N/A___ and the selling broker in this transaction, ifany, is ___N/A___.
The parties hereto further agree that this written contract expresses the entire agreement between the parties and thatthere is no other agreement, oral or otherwise, modifying the terms hereunder.
The undersigned jointly and severally agree to purchase and sell the above-described property on the terms and conditions stated in the foregoing instrument and attached addendum that must be attached and included as part ofthis contract. The CLOSING OF THIS TRANSACTION shall constitute as acknowledgment by the Buyer(s) thatTHE PREMISES WERE ACCEPTED WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND ORNATURE AND IN ITS PRESENT “AS IS” CONDITION BASED SOLELY ON BUYER’S OWNINSPECTION.
BUYER Date SELLER Date
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BUYER Date SELLER Date
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This is a legally binding contract. If not understood, seek the advice of an Attorney.